Taking away the pain of insurance claims
Making an insurance claim can be a daunting task, especially for people who are already suffering. But why should it be? As digital consumers we are accustomed to businesses that offer 24 hour access, instant digital payments and next-day fulfilment. Could insurance claims be designed to meet the same standards of ease and efficiency?
One established insurance company decided to do something about it. It realised its claimants were unhappy with complicated claim procedures and cheque payments, and it also wanted to address the costs and risks of its internal processes. We were asked to help.
Together we built an online claims portal that radically simplified the claims process, and we deployed our banking API solution RAPID, (Real-time APIs with DBS) to automate payments.
These APIs link the insurer’s operation directly to our banking systems, so that when a claim is approved, a payment instruction is automatically sent to us in real-time. Instead of issuing a cheque, the system instantly transfers funds from one bank to another using an electronic payment system.
As a result of these changes, the company has transformed the way it handles claims. To the delight of its clients, cheques are gone, and the average settlement time has been cut from 2 weeks to almost instantaneous. And for the company, paper and manual processes have been eradicated, significantly reducing costs and risks.
Our solution is simple to replicate, making it faster for the firm to move into new markets. So, when Hong Kong’s new digital payment platform was launched it was easy for the insurer to become an early user, ensuring its customers were among the first to benefit.
If you’d like to know more, we have produced a case book featuring companies in different industries who explain how they are using DBS RAPID to radically improve their businesses. Click here to download the casebook now.